Einfuehrung in die Finanzmathematik by Jurgen Tietze

By Jurgen Tietze

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By quarter 1985-94 Direct investment, portfolio investment, short-term investment, and other long-term investment G7, Greece, Portugal, Indonesia, Korea, Pakistan, Argentina, Brazil and Mexico Turner (1991 ) Chuhan et at. (1996) Annual Source: Cailloux and Griffith-Jones (1997). particularly stable since the stocks cannot leave the country because they largely consist of fixed assets. FDI is also influenced more by long-term profitability expectations, linked to countries' fundamentals. Portfolio flows are, on the other hand, far more responsive to cyclical factors, such as short-term changes in international interest rates_ Also, it seems clear that portfolio investors can sell their existing stock or paper from a particular country far more easily, quickly and with smaller losses than foreign direct investors_ In the case of portfolio flows, the distinction between long and short-term instruments is somewhat less clear-cut as there are mechanisms such as options and secondary markets which can make even longer-term investments somewhat more liquid, even though in terms of balance of payments impact the distinction is still significant.

5 per cent in 1993. 8 billion, 1990 being the year at which they peaked. Global FDI inflows fell sharply in 1991, and by 1993 had only partially recovered their peak 1990 level. 7 Foreign direct investment by non-residents in the reporting economies minus disinvestment. Country group categories as defined by the IMP. 1 Since the Balance of Payments Statistics Yearbook 1994 did not include data for China for the year 1993, the table has been updated adding the information provided by the 1995 edition, only for this country.

In the case of the Western Hemisphere, it was interesting that the region had by the early 1990s regained access to short-term bank lending, but not to long-term bank lending. As pointed out above, a different evolution had occurred for Asia, where positive net long-term bank lending was maintained throughout the 1980s and early 1990s. By the middle of the 1990s the Western Hemisphere had gained more access to long-term bank lending. More generally, an important distinction was clear between Asian and Western Hemisphere developing countries in the early 1990s.

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